MGT Capital Investments Inc. has filed a request with the US District Court for Southern New York requesting a preliminary injunction to prevent Intel from selling Intel Security, questioning rights to the McAfee name and brand.
As previously announced by Intel Corp in September, Intel reached a definitive agreement to sell its Intel Security business (formerly called McAfee Security) to a new company jointly owned by Intel and TPG, a leading global alternative asset firm for $4.2 billion. The new business would have the McAfee name.
Prior to Intel’s announcement, MGT and its Executive Chairman and CEO John McAfee filed a lawsuit seeking a judgment that the company’s use of “John McAfee Global Technologies, Inc.” does not infringe upon any trademark rights of Intel Corporation or breach any agreement between the parties. Rather than wait until properly adjudicated, Intel has proceeded to enter into a transaction that appears to convey property rights it may not even own.
“It is very clear from the contractual documentation that Intel is, and has been, improperly using my name,” stated Mr. McAfee. “It is hard to believe that now they stand to receive billions of dollars for this misappropriation while simultaneously trying to avert fair competition in the market.”
MGT Capital, which is in the process of acquiring a diverse portfolio of cyber security technologies, intends to change its corporate name to “John McAfee Global Technologies, Inc,” and has asserted its right to do by seeking a Declaratory Judgment in U.S. Federal Court, Southern District, NY.
is currently in the process of acquiring D–Vasive, a provider of leading edge anti–spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform.
